This time in ITR form, these things including rent, home loan will have to be given information, know before filling the return

ITR: The Income Tax Department has released a new ITR form for taxpayers paying income tax. This time many changes have been made in the new form, so that taxpayers will have to give many new information while filing returns. There have been major changes in all forms issued by the Central Board of Direct Taxes (CBDT). After the change, tax deduction (TDS) will have to be given at the source on source other than tax-saving investment, house rent allowance (HRA) and salary. Also, the reporting of assets and liabilities has made it easier. Not only this, people with long-term capital benefits (LTCG) up to ₹ 1.25 lakh from stock and equity mutual funds have been allowed to choose simple ITR-1.

ITR-1/ITR-4 scope increased

After the new change by the Income Tax Department, the scope of ITR-1/ITR-4 has increased. The last date for filing ITR is 31 July. However, taxpayers should file their returns before the last date to avoid the mistakes made at the last minute. A person who has a LTCG of up to ₹ 1.25 lakh from equity funds and stocks under Section 112A and does not have a deficit of the previous year or gay deficit in the next year, is now eligible to file ITR-1 or ITR-4. Previously, LTCG under Section 112A, along with other capital benefits, had to report in complex ITR-2/ITR-3, which requires detailed revelations.

Information about TDS on other income is also necessary

Now the TDS section has been expanded in the ITR form. Salary (section 192), interest (194A), dividend (194), etc. have to be shown in separate columns. TDS code can be pre-filled in form, which will be necessary to match 26AS/AIS. Reporting assets and liability will be necessary on more than ₹ 1 crore income. Earlier, where property and liabilities were to be reported on income above ₹ 50 lakh, now this limit has been increased to ₹ 1 crore.

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